Mumbai is a city where real estate is so expensive that a lot of people, even those who are far from poor, make do with tiny homes in old dilapidated buildings and others resign themselves to living in far off suburbs in the MMR where homes are cheaper and then suffering the inevitable long commutes into the city.

Now the problem of living so long in an environment where we train ourselves to expect less by way of lifestyle, as an inevitable compromise to get on with the business of making money in Mumbai, is that we often forget to open our minds enough to ask if this much of compromise with the quality of life of ourselves and our children is really inevitable. For those of us living a cramped life in really old houses, are there no other locations where the houses are newer and the social infrastructure comparable to those in older neighbourhoods of the city ?And for those of us commuting for hours everyday, are there no better located homes, such that long commutes are cut short and we literally find time to actually live life in the Maximum City? Read more of this post

Home loans are one of the most common types of loans in the United States today.The US has many home loan options which make home ownership and investing in residential properties easy.In addition to the conventional fixed rate and adjustable rate mortgages found world-wide,there are VA Loans,FHA Insured loans and HomePath Mortgages that offer simpler and cheaper ways to purchase residential properties.

Lately refinancing has become a particularly popular option for homeowners in the US, struggling in the face of the economic recession, which has in part caused home pricing to rise despite poor sales in the real estate market. Refinancing helps lower mortgage payments and allow a person to stay in their home after a financial setback.Refinancing is also an option exercised by savvy real estate investors who want to take advantage of the historically low interest rates in the US and use the bank’s money to grow rich.

When the mortgage balance exceeds the current property value we have an “underwater” mortgage. Refinancing options on such properties are limited because most lenders require some equity in the property ,ideally about 20 percent.However, borrowers can avail of the US government’s Making Home Affordable program(HARP) instead of going for a Short Sale.This program allows qualified borrowers to refinance a loan that is from 105% to as high as 125% of a home’s value.To qualify for HARP,a person must not be on the road to foreclosure.Any delinquent payments in the past 12 months will automatically disqualify a person from eligibility.Second, either Fannie Mae or Freddie Mac must own the loan. Read more of this post

Financial liabilities of Indian households have gone up sharply from Rs 31,779 crore in FY01 to Rs 2.74 lakh crore in FY12. The decade saw two major trends leading to a sharp rise in consumption expenditure. Home loans have now become popular with no stigma attached any more.The age bar of people opting for home loans has come down from those in mid forties to early thirties.Moreover, the very young have got addicted to credit card spending, leaving them with very little to save. Read more of this post